Market Commentary - Mid-Session
Market drift higher; breadth strong As on : 09-Oct-24  09:38

The key equity indices traded with decent gains in early trade. The Nifty traded above the 25,050 mark. Realty, pharma and PSU bank shares advanced while FMCG, metal and private bank shares declined.

At 09:28 IST, the barometer index, the S&P BSE Sensex rose 136.92 points or 0.16% to 81,769.91. The Nifty 50 index added 46.90 points or 0.19% to 25,060.05.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.85% and the S&P BSE Small-Cap index jumped 1.17%.

The market breadth was strong. On the BSE, 2,433 shares rose and 535 shares fell. A total of 100 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 5,729.60 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 7,000.68 crore in the Indian equity market on 8 October 2024, provisional data showed.

Investors are eagerly awaiting the outcome of the Reserve Bank of India's monetary policy meeting later today. While the central bank is expected to maintain interest rates at their current levels, any comments on future policy or the economic outlook could significantly impact market sentiment.

Stocks in Spotlight:

Infosys rose 0.08%. The company announced collaboration with Nasdaq-listed Old National Bank for strategic expansion. Old National will leverage Infosys' services, solutions, and platforms for operations transformation and process digitization powered by automation and generative AI (GenAI).

The Phoenix Mills advanced 2.90% after the company recorded retailer consumption of Rs 3,289 crore in the quarter ended September 2024, marking a growth of 25% growth compared to the year-age a period. Gross retail collections stood at Rs 812 crore in Q2 FY25, representing a 27% YoY increase. The weighted average trading occupancy across these malls was 92% while the weighted average leased occupancy across these malls stood at 96% in September 2024.

Signatureglobal (India) added 1.62% after the company reported a 184% YoY growth in pre-sales, amounting Rs 2,780 crore. However, pre sales declined by 11% sequentially in Q2 FY25. The company sold 2.38 million square feet in Q2 FY25, up 143% YoY and 27% QoQ. Collections during the September 2024 quarter jumped 28% YoY to Rs 920 crore.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.14% to 6.909 as compared with previous close 6.919.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.9375, compared with its close of 83.9700 during the previous trading session.

MCX Gold futures for 4 December 2024 settlement shed 0.01% to Rs 75,151.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 102.55.

The United States 10-year bond yield declined 0.40% to 4.020.

In the commodities market, Brent crude for December 2024 settlement gained 30 cents or 39% to $77.48 a barrel.

Global Markets:

Asian stocks traded mixed on Wednesday, as investors remained cautious amid ongoing geopolitical tensions and a lack of concrete stimulus details from China.

Chinese shares experienced a sharp decline as investors were disappointed by the absence of specific measures to boost the economy. Despite repeated calls from investors, Beijing has been hesitant to implement targeted fiscal stimulus.

US stocks rebounded on Tuesday, following a decline the previous day, as oil prices eased and investors assessed the situation in the Middle East. The S&P 500 gained 0.97%, the Nasdaq Composite rose 1.45%, and the Dow Jones Industrial Average added 0.3%.

Markets are now closely watching for clues about future US interest rate policy, as doubts persist regarding the Federal Reserve's plans for further rate cuts. The minutes of the Fed's September meeting are scheduled for release later on Wednesday, and several Fed officials are also set to speak.

Consumer price index inflation data, due on Thursday, is expected to play a significant role in shaping the Fed's outlook.

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